8-K
filed April 8, 2024, 7:59 PM ET
ticker KNTK
CIK 0001692787
debt
confidence high
sentiment positive
materiality 0.65
Kinetik Holdings Inc. (KNTK): debt financing — Kinetik enters $150M A/R facility, extends term loan maturity to 2026; Ordemann joins board
Kinetik Holdings Inc.
- Subsidiary entered $150M A/R securitization with PNC Bank; matures April 2025, borrowing rate SOFR + 90 bps.
- Proceeds to repay portion of Term Loan, reducing balance to $1.0B and extending maturity to Dec 8, 2026.
- Bill Ordemann appointed to board, replaces Ben Rodgers who resigned; Ordemann brings 38 years midstream experience.
- Board remains 11 independent directors; Ordemann to serve on Audit and Governance & Sustainability Committees.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
Kinetik Holdings Inc. incurred debt of up to $150 million with PNC Bank, National Association maturing April 1, 2025.
- Principal
- up to $150 million
- Counterparty
- PNC Bank, National Association
- Maturity
- April 1, 2025
- Event
- incurrence
Exact text from the filing
On April 2, 2024 (the “ Closing Date ”), Kinetik Holdings LP, a Delaware limited partnership (“ Kinetik LP ”), which is a subsidiary of Kinetik Holdings Inc., a Delaware corporation (the “ Company ”), entered into an accounts receivable securitization facility in the aggregate principal amount of up to $150 million
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Ben Rodgers resigned as director at Kinetik Holdings Inc..
- Action
- resigned
- Role
- director
Exact text from the filing
On April 3, 2024, Ben Rodgers notified the Board of Directors (the “Board”) of the Company that he would be resigning as a member of the Board, effective immediately.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
William Ordemann was appointed as director at Kinetik Holdings Inc..
- Action
- appointed
- Role
- director
Exact text from the filing
On April 3, 2024, the Board appointed William Ordemann to serve as director of the Board, effective immediately.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.97
Kinetik Holdings Inc. entered into Accounts Receivable Securitization Facility with PNC Bank, National Association valued at $150,000,000 (effective 2024-04-02).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- PNC Bank, National Association
- Value
- $150,000,000
- Effective
- 2024-04-02
Exact text from the filing
On April 2, 2024 (the " Closing Date "), Kinetik Holdings LP, a Delaware limited partnership (" Kinetik LP "), which is a subsidiary of Kinetik Holdings Inc., a Delaware corporation (the " Company "), entered into an accounts receivable securitization facility in the aggregate principal amount of up to $150 million (the " A/R Facility ") to provide additional liquidity and funding for the ongoing business needs of Kinetik LP and its subsidiaries.
View on SEC.gov
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